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NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Domain

Senior Contributor

NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Domain

http://www.nytimes.com/2012/07/15/us/a-county-considers-rescue-of-underwater-homes.html?src=recg

 

I'm not sure what I think of this idea!

 

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3 REPLIES
Established Contributor

Re: NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Dom

It's bad news .... another effort to prop up the market when it needs to find its true level.  Many homeowners just can't afford their homes, they have to move out so someone else can buy the property at it's true value.  This new plan will not work.

Message 2 of 4
Senior Contributor

Re: NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Dom


Watchmann wrote:

It's bad news .... another effort to prop up the market when it needs to find its true level.  Many homeowners just can't afford their homes, they have to move out so someone else can buy the property at it's true value.  This new plan will not work.


You may well be right.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 3 of 4
Senior Contributor

Re: NYT: CA County Considering Radical New Policy on Underwater Mortgages: Seize Them by Eminent Dom

First things first: we have to kill, and bury 6' deep, the idea that one's home is their retirement savings. Reality changed and people can't buy more house than they can afford with the hope of growing into it, cashing out at retirement, take out equity, the market going up, or whatever other rationalizations people used in the past that semi-legitimized the practice.


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